MicroVision’s (MVIS) bottom line and topline for Q1 2019 came in line with analysts’ expectations. The company reported a loss of 8 cents per share on revenuve of $1.85 million for the first quarter ended March 31, 2019. On average, analysts had expected MicroVision to post a loss of 8 cents per share on revenue of $1.85 million. MVIS stock, which closed up 15.53% at $1.19 yesterday, plunged about 9% in premarket trading hours.
Net loss widened to $8.1 million in the recently ended quarter from $7.1 million in the prior-year quarter. Revenue decreased 15% year-over-year to $1.85 million.
“We remain on track with our business plan and are working to have products in the market in the second half of this year. We expect the development portion of our April 2017 agreement with a leading technology company to be completed in Q2 and we expect orders for production units shortly,” said CEO Perry Mulligan.
Total operating expenses increased to $8.67 million from $7.44 million in the first quarter of 2018. Cash and cash equivalents stood at $6.98 million as of March 31, 2019 compared to $13.77 million at the end of December 31, 2018.
The Redmond, Washington-based tech firm had stated in the recent annual filing that it had incurred substantial losses since inception and expects to incur a significant loss during the fiscal year ending December 31, 2019.
Shares of MicroVision have jumped 97% since the beginning of 2019 and dropped 8% in the past 12 months period.